Lakewood90712
Thinks s/he gets paid by the post
- Joined
- Jul 21, 2005
- Messages
- 2,223
I am planning to convey an inheritance I received ,to 2 generations below me, as I don't need the money , and those younger ones were not in the estate ( they weren't even born when the estate plan was drawn up by my Fathers estate planner).
Am I correct on gift tax, that more than $10K per year per person can be given tax free, if accounted for, however , it will reduce the estate tax exemption amount when I die ?
Am I correct on gift tax, that more than $10K per year per person can be given tax free, if accounted for, however , it will reduce the estate tax exemption amount when I die ?